“Some media have said developers are the beneficiaries of the amendment bill. However, to the government, this is definitely not the case.”

The development minister said she hoped the new arrangement would take effect as early as mid-December.

She added that the government would step up promotion of the scheme and make arrangements to help minority owners in the future.

The number of private buildings 50 years old or more has risen from 4,500 to 9,600 over the past decade, with only 1,600 undergoing redevelopment.

At least 80 per cent of owners must agree to sell a building 50 years or older for redevelopment under the present rules.

The new regime lowers the threshold to 65 per cent for buildings 70 years old or more across the city.

The limits for blocks aged between 50 and 69 will be selectively cut, depending on whether they are in neighbourhoods with urgent redevelopment needs.

Buildings in areas that need urgent redevelopment aged 60 to 69 will have a minimum threshold of 65 per cent and those aged between 50 and 59 will have a threshold of 70 per cent.

The government has picked seven neighbourhoods in Sham Shui Po, Kowloon City, Mong Kok, Yau Ma Tei, Sheung Wan, Tsuen Wan and Wan Chai as the first group of sites to have the new thresholds.

The administration will review the areas selected on a regular basis.

For areas outside the designated neighbourhoods, the threshold for buildings aged 60 to 69 will be lowered to 70 per cent, while it will be kept at 80 per cent for those aged 50 to 59.

The threshold for buildings aged less than 50 years will be kept at 90 per cent across the city.

Lawmaker Louis Loong Hon-biu, who represents the real estate sector, said the government should designate more neighbourhoods as in need of urgent redevelopment.

“I think a number of areas with many old buildings are not included. These seven designated neighbourhoods with a relaxed compulsory sale threshold will draw a major part of the redevelopment resources,” Loong said during the Legco meeting.

“I worry that old buildings in non-designated areas will have to wait even longer for redevelopment.”

Fellow legislator Tik Chi-yuen suggested keeping the original threshold for buildings aged 50 or more in areas outside the designated neighbourhoods to safeguard the interests of minority owners of old buildings, but the proposal was rejected.

Linn said the government would set up an office to assist such owners by offering legal rights inquiries and independent property valuation services.